PENN Entertainment, Inc

Company Overview:  PENN Entertainment, Inc (NADAQ: PENN) formerly Penn National Gaming, Inc., is a provider of integrated entertainment, sports content and casino gaming experiences. The Company operates approximately 44 properties in over 20 states, online sports betting in over 13 jurisdictions and iCasino in five under a portfolio of brands, including Hollywood Casino, L’Auberge, Barstool Sportsbook and theScore Bet.

As per our previous report published on PENN on 07th September 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 31.16 based on ‘correction in the stock price, shares repurchased, and upside indicated based on Valuation done, and the stock price has now moved by ~11.20% since then and the price has crossed the Resistance 1 and heading towards Resistance 2 levels.

Noted below are the details of support and resistance levels provided in our previous report:

PENN’s Daily Chart

(Source: Refinitiv, Analysis done by Kalkine Group) 

Considering the resistance, the Fed’s upcoming event, current trading levels, risks associated, and volatile market conditions on the back of rising interest rates, a ‘Sell’ rating is assigned to the “PENN” at the current market price of USD 34.65 (as of 02 November 2022, at 10:31 AM PDT).  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 02nd November 2022. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

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